Fd on wife's name

Pradeep Kumar (director) (65 Points)

28 June 2014  

Hello,

I am a salaried employee with a MNC firm.

I have been transferring large amount of money to my wife's account (several transactions over a period of 3-4 years) out of my salary account and have created fixed deposit accounts in her name in different banks.

Last year while filing my income taxes, I had clubbed the interest earnings from her fixed deposit along with my own taxes (salary + equity gains). However this year, I am planning to file our income taxes separately as clubbing my wife’s interest income with my own income is resulting in a huge income tax.

I would like to know if I could consider the money I transferred to my wife as "loan given to her". 

Please advice on the best options for me regarding this. Really appreciate your help on this.

Thank you,

Pradeep